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Adhunik Metaliks' forward integration
Corporate Reporter
CHENNAI:
Adhunik Metaliks has entered the capital market with an initial public offer of equity shares, aggregating Rs. 100 crore. The price band has been fixed at Rs. 37-42. The premium for the equity shares of Rs. 10 each will be decided by means of the book building process. The issue closes on March 17.
The company's existing manufacturing operations are located at Rourkela, Orissa. Addressing presspersons here, G. D. Agarwal, director, Adhunik group of industries, said the Rs. 437 crore project would fully integrate the company over the entire value chain. The process would start from iron ore/coal to value added finished speciality steel and alloy steel for automotive and engineering forging applications. As part of this forward integration, the company plans to set up a second steel melting shop. The cost of the expansion and forward integration and mining projects estimated at Rs. 437 crore is being met through term loans of Rs. 284.29 crore and internal accruals of Rs. 53.07 crore. The balance is being met through the proposed IPO.
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